A client of mine recommended I read rich dad poor dad and was an eye-opening experience for me.

I'm currently eyeing a property potentially located in a flood zone.

Feel free just to post, to critique, if there is a mistake I didn't catch, or just to network yourself. 

We have a promissory note and deed of trust recorded in the county records so it's a pretty simple case in my eyes.

That being said highest and best does not necessarily mean the newest nicest stuff within.If it is in NEED of replacement in your eyes then pull the trigger just make sure you are in line with the area and your market rent supports. 

I have some decent off market deal flow and can keep my eye out for you. 

And in particular, some towns in RI have started to tax landlords (non-owner-occupants) at a higher rate, assuming 1) we're all rich and can afford it and 2) we probably don't live in the town anyway so neither we nor our tenants will probably be able to retaliate at the ballot box.So it's just something to keep an eye out for as you consider investing in a town, any town, whatever state it's in.

If you had lived in that home as your personal residence for 2 out of the past 5 years, then it is tax exempt (up to a certain limit), but since the home in question was a rental property only, it would be subject to LT cap gains.If you keep doing this, you keep paying the capital gains taxes, but I don't believe there is any magic thing that happens in the IRS' eyes if you keep doing this model. 

You post opened my eyes to really want to know the area on a personal level first.

And I say that because no one seems to bat an eye until it’s happening to them.